This Thursday, Fidelity started allowing customers to sign-up for its commission-free crypto trading service. The service is offered through Fidelity Digital Assets, a subsidiary of the investment behemoth.
Fidelity Will Start Offering Commission-Free Crypto Trading to its Customers
Fidelity Investments, a major brokerage firm handling around $9.9 trillion in assets, recently announced it is joining Robinhood and Coinbase in offering commission-free crypto trading. Currently, customers can sign up for a waitlist on its website. The service is a part of Fidelity Crypto, which is, in turn, offered by a subsidiary called Fidelity Digital Assets. Customers will be able to trade Bitcoin and Ethereum at launch.
According to the company’s website, anyone can sign up for the service and will get early access to commission-free trading. Fidelity doesn’t have a timetable for getting people off the waitlist and into crypto trading and explains that a “Fidelity Crypto invitation will be sent to you based on a number of factors including the timing of when you signed up, your state’s eligibility, and mobile phone’s operating system to make setup smooth.”
Commission-free crypto trading will be available in 35 US states where Fidelity Digital Assets has the ability to serve customers. The full list can be found on the sign-in page in the FAQ section. While it will be no-commission trading, Fidelity will still be charging a 1% spread fee.
Fidelity’s Long History With Crypto
Fidelity has a long history with crypto making its interest known already in 2014. By 2019, the company launched its cryptocurrency custody service which was heralded already in 2018. The company has also continuously been interested in offering Bitcoin to its customers—primarily to institutional investors.
In 2021, Fidelity announced it found that 80% of institutional investors want crypto in portfolios, and a year later it delivered by adding digital currencies to its 401(k) menu. The company has also been looking to provide its retail investors with exposure to crypto.
While the regulators are yet to approve a spot BTC ETF in the US, Fidelity has been operating a Bitcoin exchange traded fund in Canada. On its first day, the fund saw nearly $2 million in trading volume. In September 2022, the company started looking into offering the world’s biggest crypto to retail investors. They appear to have expanded this proposal by adding Ethereum to its list of digital currencies that will be available for commissioned trading.
This article originally appeared on The Tokenist
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